What is Corporate Property Insurance Market?
A Commercial Property Insurance is a customized corporate insurance policy to cover for damages and losses caused to commercial property and the respective owner. This could include damages and losses in situations such as accidents, collisions, natural calamities, fires, etc.
Highlights from Corporate Property Insurance Market Study
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
Key Companies Profiled | Allianz (Germany), AXA (France), Nippon Life Insurance (India), American Intl. Group (United States), Aviva (United Kingdom), Assicurazioni Generali (Italy), Cardinal Health (United States), State Farm Insurance (United States), Dai-ichi Mutual Life Insurance (Japan) and Munich Re Group (Germany) |
The vendors in this market are majorly focusing on providing innovative solutions & services in order to cater to the market's demands to remain competitive in the global market. For instance, in September 2019, American International Group, Inc. announced that as of January 2020 virtually all of its commercial property and casualty insurance policies would begin affirmatively covering or excluding physical and non-physical cyber exposures. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Corporate Property Insurance market throughout the forecasted period.
Allianz (Germany), AXA (France), Nippon Life Insurance (India), American Intl. Group (United States), Aviva (United Kingdom), Assicurazioni Generali (Italy), Cardinal Health (United States), State Farm Insurance (United States), Dai-ichi Mutual Life Insurance (Japan) and Munich Re Group (Germany) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Zurich Financial Services, Prudential, Asahi Mutual Life Insurance, Sumitomo Life Insurance, Allstate, Aegon and Prudential Financial. Corporate Property Insurance Market Segmentation:
Scope | Sub-Segments |
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Application / End User | Small and Medium-sized Enterprises and Large-scale Enterprise |
Type | Direct Damage Property Insurance, Building Risk Insurance and Crime Insurance |
Pattern | Compulsory Insurance,Optional Insurance |
Distribution Channel | Insurance Agents/Brokers,Direct Response,Banks,Others |
On the basis of geography, the market of Corporate Property Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Growing Use Of Blockchain In The Casualty Insurance Sector and Increasing Usage Of Artificial Intelligence (Ai) Sensor Technology & Cloud Technology
Market Growth Drivers:
Growing Demand Due To The Increased Number Of Sales Of New Vehicles and Increasing Urbanization And Rising Disposable Income Among The Middle-Income Population
Challenges:
High Threat of New Entrant
Restraints:
Short Term Restraint for the Market Due to Shutting Down of Operations & Process of Different Companies Across Different Parts of the World Due to COVID-19 Pandemic
Opportunities:
Implementation Of Technologies In Existing Company Lines And Rise In Demand For Third Party Liability Coverage In Emerging Economies
Key Target Audience
Corporate Property Insurance Providers, Government Regulatory Bodies, Private Research Organization, Government Research Organization and Others
Market Leaders & Development Strategies
In November 2019, Allianz Group announced that it has partnered with Microsoft to digitally transform the insurance industry wherein Microsoft will partner with Syncier, the B2B2X insurtech founded by Allianz, to offer customized insurance platform solutions and related services.